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Monday, June 27, 2022
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    HomeBusinessElon Musk threatens to walk away from Twitter deal

    Elon Musk threatens to walk away from Twitter deal

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    The lawyers say in the letter that Twitter has offered only to provide details about the company’s testing methods.

    Elon Musk is threatening to end his USD 44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.

    Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday that the social platform included in a filing with the Securities and Exchange Commission.

    The letter says Musk has repeatedly asked for the information since May 9, about a month after his offer to buy the company, so he could evaluate how many of the company’s 229 million accounts are fake.

    A message was left early Monday seeking comment from Twitter.

    The lawyers say in the letter that Twitter has offered only to provide details about the company’s testing methods. But they contend that’s “tantamount to refusing Mr. Musk’s data requests.” Musk wants data so he can do his own verification of what he says are Twitter’s lax methodologies.

    The lawyers say that based on Twitter’s latest correspondence, Musk believes the company is resisting and thwarting his information rights under the April merger agreement.

    “This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” the letter says.

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